October 30, 2017

CFPB requests operational funds from Fed

In a funding request letter to the Federal Reserve Board, Consumer Financial Protection Bureau Director Richard Cordray said that $217,100,000 would be necessary for the Bureau in the first quarter of fiscal year 2018. As required by law, each fiscal quarter the Fed transfers to the CFPB the amount of funds formally requested by the director. The Fed sent a letter to the CFPB's chief financial officer stating that the requested funds had been deposited into the Bureau of Consumer Financial Protection Fund at the Federal Reserve Bank of New York.

The Fed notified Cordray that the funds had been deposited on Oct. 19, 2017.